Buy IOTA (MIOTA)
What is IOTA (MIOTA)?
IOTA (MIOTA) is a cryptocurrency whose work is not based on the already known blockchain. In this project, a new data structure called "Tangle" is taken as a basis. For its functioning, no chains, blocks, miners are required. The creators of this IOTA technology (a group of German specialists) wanted its most basic use to be related to the Internet of Things (IoT).
The Internet of Things is an innovative industry in the development of modern technologies, the idea of which is to form a worldwide network consisting of devices equipped with cameras, sensors and sensors. An interesting fact will be that the abbreviation MIOTA stands for “Mega IOTA or Millions of IOTA”.
According to forecasts made by analysts, the number of such devices will grow rapidly and will soon reach 29 billion units. MIOTA's approach to transactions, which is not based on a sequential blockchain, but on Tangle technology (self-confirmation of transfers), has been highly appreciated by users and investors. Tangle is an innovative data structure based on the Direct Acyclic Graph.
How IOTA works?
IOTA is a non-profit organization registered in Germany. There are no mining rewards on this platform. This is because every device connected to the Internet on the IOTA platform acts as a node and processes two transactions. This allows the network to consume much less power compared to Proof-of-Stake (PoS) and Proof-of-Work (PoW) algorithms.
The IOTA Network is open source. Sometimes, developers will post a vote for community members to vote for or against certain features and updates. The IOTA network governance model includes three layers.
What makes IOTA unique?
IOTA is a unique crypto platform with a number of advantages. Most of the advantages of this platform are due to DAG (Directed Acyclic Graphics) technology.
Let's talk about the main advantages:
- Free and fast transactions. As mentioned earlier, mining on the IOTA platform is not possible. However, this is the plus of the system, because you do not need to pay any commissions for the transaction. Moreover, all transactions taking place on this platform are fully confirmed by users. Thus, the platform does not require the intervention of intermediaries, and transactions are processed and completed in record time.
- Resources and energy efficiency. Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum are causing huge energy consumption. This is due to the possibility of classic, hardware mining. Thanks to IOTA Tangle, all inefficiencies in the use of electricity have been eliminated, so the cryptocurrency can be considered environmentally friendly.
- No inflation. The total supply of IOTA coins is now constant and the creation of new tokens is not possible. This means that the platform is not subject to inflation and the value of the coin can never decrease due to the increase in the number of coins.
How to buy IOTA (MIOTA)?
Against the background of the rapid growth in popularity of the IOTA platform, the project's cryptovalbta was quickly added to the list of leading exchanges. Even with security concerns that arose in 2017 and 2019, MIOTA remained on the list. Now the token is in the top 50 in terms of total capitalization. At the peak of its popularity, the token was among the top 5 cryptocurrencies.
Since MIOTA is listed on most exchanges, buying MIOTA is very easy. It is enough to register on one of the popular platforms and buy MIOTA in exchange for another cryptocurrency.
Buy IOTA in India for Indian rupee will not work. Most exchanges do not deal directly with fiat money. Therefore, in order to buy IOTA, you will need to exchange ordinary money for another cryptocurrency on an exchange or special exchange services.
Where to trade IOTA (MIOTA)?
Cryptocurrency exchanges are not very well suited for trading cryptocurrencies, including IOTA.
The disadvantages of exchanges include the following:
- High risk of losing money. There are many examples of successful hacker attacks on exchanges or cryptocurrency projects on the market. Also, the lack of regulation gives rise to a number of fraudulent actions on the part of the exchanges themselves. After all, hardly any of the traders will find out whether there was a hack in reality, or whether the exchange itself initiated it. In the event of a wallet hack or illegal actions on the part of the exchange, the trader has nowhere to complain;
- No short positions. A trader can buy a currency, wait for the price to rise, or sell a coin. But they are not allowed to make money on the fall in the exchange rate. A short position is a kind of transfer of an asset to a trader on credit, which will be repaid upon closing the position. The exchanges themselves do not do this. And only some exchanges have the technical ability to borrow cryptocurrency from other traders and provide clients with the opportunity to work in a falling market;
- Restrictions on working with fiat money. The vast majority of exchanges do not work directly with phytany money;
- Primitive trading platforms. On the overwhelming majority of berge trading platforms are very primitive and are not suitable for day trading, scalping and other trading methods. This significantly reduces the possibilities for using trading strategies, trading robots, etc. Ultimately, this negatively affects the trading results.
Based on the above factors for trading, you should pay attention to brokerage companies that have recently been actively adding cryptocurrency to the list of instruments. IOTA is not in the top 10, so not all companies include cryptocurrency in the list of available trading instruments, but there are still such brokers.
It is important to note here that brokerage companies provide the ability to trade only CFDs on cryptocurrencies. You cannot physically buy IOTA or any other currency.
How to invest in IOTA (MIOTA)?
Investments involve investing in an asset for a long period of time. Therefore, when invest in IOTA, the priority will already be on the side of the exchanges. The fact is that brokerage companies charge a swap for moving a position to the next day. The swap can be either positive or negative. If you hold a position for a long time, a swap can take away all of your profit from a trade.
Therefore, invest in IOTA in India is better through popular exchanges. They provide a higher level of safety and reliability, which is not unimportant.
Among the most popular trading platforms that have earned high trust among traders are:
To invest in IOTA in India, you need to register on one of these, or another, exchange and buy IOTA.
For storing IOTA, it is best to use aggregate wallets, which provide a higher level of security.
How safe is it to invest in IOTA (MIOTA)?
In fact, the safety of investments depends on many factors, while it is impossible to protect yourself from the loss of funds not 100%. This must be understood. By your actions, you can only minimize the risks of losing funds.
To increase the security of online investments, you need to buy IOTA in India through trusted exchanges, and you need to store tokens in reliable wallets.
But even in this case, you cannot 100% guarantee yourself the safety of online investments in cryptocurrency. Only brokerage companies now provide a higher level of security and protection of client funds.
If a client chooses between an exchange and a broker for security reasons, he needs to focus on his own goals. By choosing a reliable exchange with access to many altcoins, you can get high profits with a relatively low security threat.
Storing funds that are not meant to be traded on a hardware wallet like Trezor or Ledger is a common and also safer option than cryptocurrency exchange accounts.
The reason is obvious - hundreds of different types of cryptocurrencies can be stored on an exchange account, but all these funds do not belong to a user who does not and cannot have private keys from crypto wallets. As long as the money is kept in the account, it belongs to the exchange. As the saying goes: “Not your keys - not your crypt!”.
Can you buy IOTA?
Yes, now you can buy IOTA on almost any exchange.
Is IOTA a good buy?
This question cannot be answered unequivocally. It all depends on your goals, objectives, trading strategy and other factors.
Is IOTA a good long term investment?
Despite the problems, the project remains relevant and in demand. IOTA remains in the top 50 in terms of capitalization. Therefore, we can say that the project has good prospects for development and growth.
Where can I buy IOTA?
You can buy MIOTA on many cryptocurrency exchanges.
How do I buy IOTA with a credit card?
Unfortunately, many cryptocurrencies do not work with fiat money. Therefore, you will not be able to directly buy IOTA in India for Rupees.
How to buy IOTA in India?
Open an account on a popular exchange (Binance, Okex, Huobi, Kraken, etc.).
What happened with IOTA (MIOTA)?
At the beginning of its development, the IOTA project suffered from hacker attacks.
Why did IOTA (MIOTA) drop?
In 2019 and 2020, IOTA Ball was hacked by hackers who stole more than $10 million.
Why did IOTA (MIOTA) rise?
In 2021, the platform provided updates and fixed previously identified flaws and vulnerabilities. The recovery of the token was also facilitated by the overall positive dynamics of the market movement.